Posted on: Mar 6, 2020, 9:04 a.m.
Last update on: March 6, 2020, 10:04 a.m.
Led by DraftKings and FanDuel, mobile sports betting app downloads in the United States jumped 84% year-on-year last month, according to a new research report from Morgan Stanley.
The bank specifically analyzed the period after the Super Bowl played on February 2 and leading up to the NCAA tournament, which begins March 17. Morgan Stanley notes that while the increase in downloads last month was less than the 118% jump seen in January, than was expected, as the first month of the year contains the NFL playoffs and Super Bowl preparation – events that generate more gambling and apps.
From late January 2020 (a peak in downloads due to the Super Bowl) to our last data point, 4-week downloads declined (29%), similar to the comparable period last year (25%) Morgan Stanley analysts said. directed by Thomas Allen.
The research team notes that they expect app downloads this week to drop by around 35% before increasing by around 66% over the next week as gamers prepare for March Madness. Selection Sunday is March 15 and the first matches take place two days later.
Big names dominate
Last month, DraftKings and FanDuel dominated the national mobile sports betting app download market by 35% and 31%, respectively. Morgan Stanley points out that February was the first month since June 2019, when DraftKings overtook FanDuel in the download department.
Indiana, Iowa, New Hampshire, New Jersey, Pennsylvania and West Virginia are the states in which DraftKings currently offers mobile betting, according to the company’s website, and it is also close to betting. based on applications in Colorado.
FanDuel also offers mobile betting in these states and is able to add Colorado to its list in the short term as well.
At 7.5%, 6% and 5%, respectively, Fox Bet, MGM / GVC and William Hill were the next highest-ranked sportsbook operators for app downloads in February, according to Morgan Stanley.
Beyond New Jersey
New Jersey has quickly become the benchmark for online and mobile sports betting, with over 80% of bets placed in the Garden State in any given month via computers or smartphones. But other states are also experiencing growth on this border.
Indiana and Pennsylvania are examples of two states beyond New Jersey where mobile betting is taking off.
“FOX Bet Pennsylvania has recorded 2% more app downloads over Fox Bet New Jersey since its launch on September 19, and 17% more year-to-date / 15% more over the past four past few weeks, ”Morgan Stanley said.
The bank calls this a “positive” for Keystone state, as sports betting income there currently resides at about 75% of that of neighboring New Jersey.
Morgan Stanley noted that by 2025, Indiana’s sports betting market could be worth nearly $ 300 million, while Massachusetts and Virginia could reach $ 338 million and $ 212 million, respectively, assuming those two. latest legalize sports betting and online / mobile approval..